The Directors have pleasure in submitting their 42nd Annual Report together with theAudited Financial Statements of your Company for the year ended March 31 2019.
|Financial Year ||Ended 31/03/2019 (Amt in INR lacs) ||Ended 31/03/2018 (Amt in INR Lacs) |
|Income ||9170 ||6993 |
|EBIDT ||6302 ||4384 |
|Interest ||2115 ||456 |
|Depreciation ||179 ||76 |
|PBT ||4008 ||3853 |
|PAT ||3424 ||3091 |
|Earnings Per Share (Amount in Rs) ||7.44 ||6.32 |
In line with the Dividend Policy of the Company your directors are pleased torecommend a dividend of Re.0.50 per equity for the FY2018- 19.
Your Company has entered into the Re-development and Rehabilitation of Slums segment inand around Bhandup area of Mumbai and the revenue recognition is yet to be booked .
The construction activities of Project at Byculla Mumbai known as "MONTESOUTH"of the SPV (a LLP) wherein your Company holds 40% equity stake has beenprogressing well.
During the year under review your Company in line with its business strategy hasacquired the entire paid up capital of Marathon Nextgen Townships Pvt Ltd(MNTP) aMarathon Group Company and effective from 29/3/2019 MNTP has become the Wholly OwnedSubsidiary of the Company.
Also your Company has subscribed 7% NCDs issued by MNTP for an amount of Rs.126.63crore and the same will be put to use in the Real estate and construction activities ofthe Group Companies.
SCHEME OF AMALGAMATION OF PROMOTER COMPANY:
Pursuant to Scheme of Amalgamation vide NCLT Order dated July 232018 the name of"Promoter group Company" has been changed from Ithaca Informatics PrivateLimited to Marathon Realty Private Limited.
DIRECTORS AND CHANGES IN INDEPENDENT DIRECTORSHIP:
In accordance with the applicable provisions of the Companies Act 2013 Mr.Mayur RShahVice Chair & Director retires by rotation and being eligible offers himself forreappointment.
Mr.V.Ranganathan and Mr.Padmanabha Shetty both the Independent Directors havingcompleted their terms at the conclusion of this 42nd AGM will retire from the IndependentDirectorship of the Company and are not seeking reappointment at this AGM.
The Board acknowledged their sincere contribution and unstinted support provided to theManagement in improving the Governance Standards and strengthening the Board Process .Their absence will be felt by both the Management and the Board. The Board placed onrecord their efforts and ethical standards imparted for the improvement and growth of theCompany.
M/s. Rajendra & Co. Chartered Accountants who had been appointed as StatutoryAuditors for a term of 5 years with effect from F.Y. 2016-17 will continue to be theStatutory Auditors for the FY 2019-20 also. Vide MCA notification dated May 72018 therequirement of yearly ratification by the shareholders at every general Meeting as per Sec139 of the Companies Act 2013 is dispensed with hence their reappointment has not beenincluded in the Notice calling the 42nd AGM.
PARTICULARS OF EMPLOYEES:
Except the Chairman & Managing Director none of the employees are covered underRule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 .The other details of disclosures pertaining to the Managerial personnel is dealt inthe annexure which forms part of this Directors Report .
CONSERATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The Company undertakes necessary Energy conservation and technology absorption methodswhile executing the projects by implementing advanced building system and usage of energyefficient materials during the construction of Projects.
There were no foreign exchange earnings and outgo during the year under Review
The Equity Shares of the Company are listed with the BSE Limited& NSE Limited . TheCompany has paid the Annual Listing Fees for both the Exchanges for the year 2019-20.
DEMATERIALIZATION OF SHARES:
The members are aware that the Company's equity shares are under compulsory trading indematerialized form for all categories of investors. REPORT U/S 134 (3) OF THECOMPANIES ACT 2013:
A report containing relevant information as required by the said section of theCompanies Act 2013 is dealt separately and forms part of this Directors Report.
Your Company has not accepted any deposits from the public or its employees during theperiod under review.
DISCLOSURE UNDER THE SEXUAL HARASSEMENT OF WOMEN AT WORK PLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013:
The Company has in place a Policy in line with the requirements of "The SexualHarassment of Women at the Workplace (Prevention Prohibition & Redressal) Act2013". Internal Complaints Committee (ICC) has been set up to redress complaintsreceived regarding sexual harassment. All employees (permanent contractual temporarytrainees) are covered under this policy.
No Complaints were received during the year under review.
A separate section on disclosures specified in Companies Act 2013 along with otherrequirements as amended and as specified in Regulations 17 to 27 and 46(2)(b) to (i) ofSEBI (LODR) Regulations 2015 forms part of this Annual Report.
The Board of Directors take this opportunity to place on record their sincereappreciation for the excellent support and cooperation extended by the shareholdersbankers customers suppliers / associates during the year under review.
The Board whole heartedly acknowledges the dedicated and sincere efforts and servicesput in by the employees at all levels in the Company during very trying times. Theirdedicated efforts and enthusiasm has been integral to your Company's growth.
| ||For and on behalf of the Board |
|Place: Mumbai ||Chetan R. Shah |
|Date: May 29 2019 ||Chairman & Managing Director. |